Global Aerospace Underwriting Management is reviewing...
Global Aerospace Underwriting Management (GAUM) is reviewing its arrangements with Converium following the credit rating downgrades suffered by the reinsurer.
It is understood that Converium provides 27.25% of GAUM's underwriting capacity. GAUM has annual premium income of more than $1bn and insures many of the world's leading airlines.
Converium shares plunged 16% yesterday on the back of an S&P downgrade from A to BBB.
